加强金融审判工作依法严惩操纵市场等金融领域违法犯罪 《中共中央关于加强新时代审判工作的意见》发布 对话合作才是正道海关总署：中美双方团队正在加紧落实伦敦框架有关成果 对美国关税威胁"绝对不可接受" 欧盟准备对720亿欧元美国商品征收反制关税 《中共中央关于加强新时代审判工作的意见》7月14日发布。意见指出，加强金融审判工作。依法严惩操纵市场、内幕交易、非法集资、贷款诈骗、洗钱等 金融领域违法犯罪，加强金融领域非法中介乱象协同治理，促进金融市场健康发展。完善数字货币、移动支付、互联网金融、跨境金融资产交易等新兴领域 金融纠纷审理规则。健全金融领域行政执法和司法审判衔接机制。（新华社） 7月14日，中国人民银行、金融监管总局、中国证监会联合发布《绿色金融支持项目目录（2025年版）》，自2025年10月1日起施行。为加强绿色金融市场流 动性，提升绿色金融资产管理效率、降低识别成本，《绿色金融支持项目目录（2025年版）》统一适用于各类绿色金融产品。沪深北交易所上市及股票发 行、新三板挂牌及股票发行业务暂不适用。（新华财经） 据人民银行，6月末，广义货币（M2)余额330.29万亿元，同比增长8.3%。狭义货币（M ...

以色列和美国的研究人员日前在美国《物理评论快报》上发表论文说，他们合作发现了一种利用激光束 保护原子"自旋"不受干扰的全新方法，为提升量子传感器、导航系统等关键技术的稳定性和实用性打开 新路径。（新华社） ...

2025 年 07 月 02 日 工银主动量化：前沿视角+多元覆 盖，积极主动把握确定性投资机会 ——基金经理研究系列报告之七十一 证 相关研究 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 券 研 究 报 告 - ⚫ 工银瑞信基金指数及量化投资部人员充足，研究方向多样：目前团队共有 15 位投研人员， 团队由焦文龙先生牵头管理，15 人中包含 8 名投资人员以及 7 名研究人员。团队人员分工 明确，投研人员各有明确负责的产品或研究领域。 ⚫ 团队投资理念上，工银量化则以"ARC"投资导航系统为核心：A 即为 Active（积极主动）， R 即为 Reversion（均值回归），C ...

央视网消息：记者从山东省农业农村部门了解到，山东省小麦收获已接近尾声。今年，智慧农机的大规模使用，让三夏作业更加高质高 河北省廊坊市的小麦收割工作目前正有序推进，全市组织调度农业机械投入作业，确保夏粮颗粒归仓。 在廊坊市大城县蓦门村的千亩麦田里，搭载北斗导航系统的智能联合收割机在田间穿梭，收割、脱粒、除杂一气呵成，金黄饱满的麦粒源 源不断送入粮仓。 为保障"三夏"生产高效推进，廊坊市提前检修各类农机具，并引进新型智能收割机。这些收割机依托北斗导航系统的大数据作业路线图， 科学规划收割路径，最大限度降低机收损失率。同时，农业部门还为农户提供科学收割、合理轮作等技术指导，确保夏粮应收尽收。 效。 在潍坊高密的一处智慧农场里，两台搭载北斗导航和AI视觉系统的新型智能农机正在进行麦收作业。这两台农机不仅能自主规划误差极 小的收割路径，还能通过对作物长势、产量高低等数据的实时监测来动态调整农机作业参数，控制机损率，实现高质量收割。 今年，当地将作物、养分、灌溉、灾害4个AI大模型，应用于田间管理和三夏作业，不仅能整合土壤墒情、卫星遥感、气象信息等数据， 为小麦机收给出最佳时间和最优方案，还能根据当前土壤养分的流失情况， ...

多视角、多资产、多因子、多策略的制胜之道 —— 工银瑞信主动量化团队圆桌实录 2025 年 6 月 16 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 基金专题 [TablReportpe] 基金专题报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com [Table_Title] 工银瑞信主动量化团队：多视角、多资产、 多因子、多策略的制胜之道 [Table_ReportDate] 2025 年 6 月 16 日 [Table_Summary] 本篇报告中，我们聚焦近期市场关注度较高，且在管产品业绩亮眼的工银瑞信 主动量化投资团队。本文从组织架构、投资策略、平台优势等多维度展开分析， 系统性梳理了该团队的人员分工、策略思路、产品矩阵及近期表现，并特别邀 请该团队核 ...

Group 1 - The core viewpoint of the article highlights the significant advancements in agricultural machinery and technology that are enhancing the efficiency of wheat harvesting and planting during the "Three Summers" period in 2025 [1][3][19] - The nationwide winter wheat harvest has reached its final stages, with major harvesting areas seeing a shift of combine harvesters from southern regions to northern ones, indicating a well-coordinated harvesting effort [3][16] - The integration of smart agricultural machinery equipped with technologies such as Beidou navigation and touch control systems is playing a crucial role in improving operational efficiency in the fields [5][11] Group 2 - In Henan's Anyang, a new precision seeding machine utilizing Beidou navigation is being employed, ensuring accurate seed spacing and contributing to effective crop management [8][11] - The establishment of the "Tian Guanjia" platform in Xinxiang, Henan, leverages digital technology for better agricultural management and machinery scheduling, enhancing wheat harvesting speed [14] - In Jiangsu's Yancheng, an AI platform is capable of automatically determining the maturity of wheat, allowing for timely harvesting with yields reaching up to 1,400 jin per mu [15] Group 3 - The agricultural machinery scheduling network in Shandong has improved significantly, with a 50% increase in scheduling accuracy due to the expansion of communication points and the establishment of regional agricultural machinery service centers [18][22] - The introduction of collaborative service packages that combine various types of machinery is enhancing the efficiency of both wheat and corn crop rotations [22] - The overall increase in harvesting and planting speed is attributed not only to the power of individual machines but also to the effective coordination among different types of agricultural machinery [21][22]

Core Viewpoint - The Beidou Satellite Navigation System is becoming a significant force in promoting China's digital economy and international cooperation, supported by government policies and its wide application in new infrastructure, spatiotemporal big data, and smart cities [1]. Company Overview - Huada Beidou, a leading domestic space positioning service provider, is preparing for its IPO on the Hong Kong Stock Exchange, backed by strong technical barriers and state support [2]. - The company, established in 2013, focuses on navigation chip design and has become the second-largest GNSS service provider in mainland China, with a global market share of 4.8% [3][5]. Financial Performance - Huada Beidou's revenue is projected to grow from RMB 6.45 billion in 2023 to RMB 8.40 billion in 2024, with a compound annual growth rate (CAGR) of 9.7% [5]. - Despite high revenue, the company faces significant losses, with cumulative losses of RMB 5.23 billion from 2022 to 2024, attributed to high R&D expenditures [5][6]. Market Dynamics - The GNSS space positioning service industry is characterized by high growth potential, with China's market expected to reach RMB 9.54 trillion by 2028, growing at a CAGR of 14.5% from 2023 to 2028 [8]. - The Beidou system has advantages over other GNSS systems, including better anti-blocking capabilities and superior performance in low-latitude regions [7]. Competitive Landscape - Huada Beidou faces intense price competition from international giants like Qualcomm and Broadcom, which could pressure profit margins [10]. - The company has established strong technical barriers, making it a benchmark in the industry, despite the challenges posed by price wars [11][12]. R&D and Innovation - Huada Beidou's R&D investment is significant, with expenditures exceeding 40% of total expenses, focusing on high-precision positioning technology [5][12]. - The company aims to penetrate consumer markets while maintaining its technological edge, which is crucial for its long-term growth [12].

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is applying for an IPO on the Hong Kong Stock Exchange, aiming to become the first listed company in the space positioning service sector in Hong Kong [1] Company Overview - Huada Beidou is a leading space positioning service provider in China, empowered by the BeiDou satellite navigation system, with significant advantages in navigation chip design and technology [1] - The company was established in 2016, inheriting core technologies and R&D teams from its predecessor, Huada Electronics [1] - The chairman, Sun Zhongliang, has extensive experience in the industry and holds key positions in various associations [1] Shareholder Structure - The company has a strong shareholder base, with nearly 70% of its strategic shareholders being state-owned enterprises, alongside investments from notable institutions like BYD, Gree, and Bosch [2] Market Potential - The GNSS (Global Navigation Satellite System) industry is experiencing growth, benefiting from advancements in consumer electronics, transportation, and low-altitude economy [4] - The market for BeiDou space positioning services is projected to reach RMB 954 billion by 2028, with a compound annual growth rate (CAGR) of 14.5% from 2023 to 2028 [5] Business Performance - The company has seen an increase in sales volume of GNSS chips and modules, collaborating with major industry players [6] - Sales projections for standard precision chips are 3.4 million, 8.3 million, and 10.9 million units from 2022 to 2024, while high-precision chips are expected to reach 2 million, 3 million, and 5.1 million units [6] - Despite increased sales volume, the company has not achieved corresponding revenue growth, with projected revenues of RMB 698 million, RMB 645 million, and RMB 840 million from 2022 to 2024, indicating a 7.57% decrease in 2023 [6] Financial Challenges - The company has not yet achieved profitability, with losses of RMB 92.61 million, RMB 289 million, and RMB 141 million from 2022 to 2024, totaling RMB 523 million in cumulative losses [7] - The overall gross margin remains low, with comprehensive gross margins of 12%, 10.5%, and 9.8% for the same period, while GNSS chip-related business maintains a margin around 30% [7] Competitive Landscape - The domestic chip industry is facing intense competition, leading to a situation where many companies experience revenue growth without profit [9] - To achieve profitability, the company plans to increase the sales proportion of GNSS chips and improve the revenue share of higher-margin products [9]

Core Viewpoint - The article discusses the implications of China's BeiDou satellite navigation system, arguing that it is not a weapon but a critical technology that enhances global navigation reliability and precision, and that the U.S. risks national security and economic competitiveness by limiting access to it [1][2][3] Group 1: Technology and Security - The BeiDou system is a competitor to GPS and has raised suspicions among U.S. officials, leading to investigations by the Federal Communications Commission [1] - Limiting access to BeiDou could weaken the resilience of Positioning, Navigation, and Timing (PNT) systems, ultimately harming U.S. national security and commercial operations [1] - Tests indicate that disabling BeiDou could reduce positioning accuracy by 30% to 40%, significantly impacting navigation, logistics, and emergency services [1] Group 2: Economic Impact - Precision positioning is foundational for key industries such as logistics, agriculture, aviation, and automation; excluding foreign satellite navigation systems could lead to increased costs, deployment delays, and reduced competitiveness for U.S. companies [3] - China is likely to continue forming partnerships with countries seeking open and reliable navigation services, which could further enhance its influence in international technology standards [3] - The BeiDou system is viewed as a tool for soft power rather than a weapon, contradicting claims that it could be used as an active warfare tool [3]

6月1日，北京市进入汛期。为加强监测预警、提升地质灾害技防能力，保障全市安全度汛，北京市规划 和自然资源委员会对10个区增加布设了1760台（套）新地质灾害监测设备。目前，全市监测设备总量达 到18类共3600多台（套），监测点位提升至每百平方公里35~36处，形成覆盖北京山区全域的突发地质 灾害自动化立体感知网络，实时保护着山区地质灾害易发区3万余名群众的生命财产安全。 2023年，在"杜苏芮"台风极端强降雨影响下，北京地质灾害专业监测网的雨量站数据传输稳定，保障了 地质灾害监测预警系统运行平稳，有效支撑了市政府地质灾害防治决策和应对工作。今年，全市监测设 备布设在数量增加的基础上，技术也实现了提升。 北京规自委相关负责人介绍，今年该市探索了更适用于本地的地质灾害监测设备，新增加了泥石流断线 报警器、雷视一体泥位计和新型崩塌监测仪。其中，泥石流断线报警器可在灾害发生时快速响应，为避 险转移争取更多时间；雷视一体泥位计集成 AI高性能处理系统，通过图像和监测数据相互验证，减少 误报情况发生；新型崩塌监测仪依据国际最新理论研发，基于静力学、动力学与运动学特征，输出30多 个监测指标，相对于传统采用位移监测的手段 ...